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Euro unemployment spikes to record 10.8 percent

Unemployment in the 17 countries that use the euro hit its highest level since the currency was introduced back in 1999, official figures showed Monday, adding to fears that the region is in recession.

By Pan Pylas | Updated on April 02, 2012

LONDON (AP) — Unemployment in the 17 countries that use the euro hit its highest level since the currency was introduced back in 1999, official figures showed Monday, adding to fears that the region is in recession.

Eurostat, the European Union’s statistics office, said unemployment in the eurozone rose to 10.8 percent in February from 10.7 percent the previous month. The number of unemployed totaled 17.1 million, nearly 1.5 million higher than the same month a year ago. Of the 17 countries in the eurozone, seven countries had unemployment rates of above 10 per cent.

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